Great news, everyone! Remember how Joe Biden’s big taxpayer-funded bailout for student loan borrowers was going to cost us over $300 billion, which would come out to about $2,000 per taxpayer? Well, it looks like those numbers were incorrect.
It’s actually going to cost us like three times the original estimates. That’s according to a new Penn Wharton budget model. Here’s how they summarized their analysis of Biden’s plan:
President Biden’s new student loan forgiveness plan includes three major components. We estimate that debt cancellation alone will cost up to $519 billion, with about 75% of the benefit accruing to households making $88,000 or less. Loan forbearance will cost another $16 billion. The new income-driven repayment (IDR) program would cost another $70 billion, increasing the total plan cost to $605 billion under strict “static” assumptions. However, depending on future IDR program details to be released and potential behavioral (i.e., “non-static”) changes, total plan costs could exceed $1 trillion.
“Could exceed $1 trillion.” Do we hear $2 trillion? If anyone can make it happen, it’s a power-hungry progressive Democratic administration.
$1 trillion was the original CBO estimate for Obamacare.
Biden may take that much from the Treasury with a lawless executive order. https://t.co/hYK8g5NcIj
— John McCormack (@McCormackJohn) August 26, 2022
March 18, 2010: "The Democratic health care bill would cost $940 billion over 10 years" https://t.co/7DGesxxo7Xhttps://t.co/h094ljwLok
— John McCormack (@McCormackJohn) August 26, 2022
Illegally taking $1 trillion from U.S. taxpayers two months before an election to juice Democratic turnout because norms.https://t.co/h094ljwLok pic.twitter.com/3sWpO8cHw2
— John McCormack (@McCormackJohn) August 26, 2022
Did we mention that this move is not only unjust, but entirely illegal and unconstitutional?
A trillion dollars. Illegally, without Congress. That's $6,000 per taxpayer. https://t.co/qLGZPswdQD
— Charles C. W. Cooke (@charlescwcooke) August 26, 2022
Biden/Pelosi just spent $700 billion in their inflation corruption scam bill and Penn Wharton just predicted that Biden's student loan plan will cost over $1 trillion. That's almost $2 trillion in spending in one month. And this is supposed to make inflation better?
— Jennifer-Ruth Green (@JenRuthGreen) August 26, 2022
Looks like it will be doing just about as much to ease inflation as the Inflation Reduction Act will. Which is to say, it won’t do a damn thing to ease inflation but will in fact make inflation much, much worse.
$1,000,000,000,000 just so that a person with 50k debt now has 40k debt. https://t.co/5HlXZYfHDx
— Herodotus (@btmlineman) August 26, 2022
This doesn't fix any problems – it just creates gigantic new ones, all in the name of filling the same coffers as usual. https://t.co/hNTNSD5UsS
— jadednation 🩸 (@jadednation70) August 26, 2022
Exactly.
This could cost more than ObamaCare, as @McCormackJohn pointed out, and without any authorization from Congress.
BREAKING: Penn-Wharton pegs Biden's Academia bailout potential cost at $1 trillionhttps://t.co/W5rMTvNZUo
— Ed Morrissey (@EdMorrissey) August 26, 2022
Without any authorization from Congress. That’s just the icing on the cake, isn’t it? If House and Senate Dems actually had any backbones, they’d’ve spent the past several days condemning Biden for bypassing Congress on this, which, we must reiterate, is against the law. (Note: Democratic Rep. Chris Pappas did, in fact, call out Biden for this massive overreach, so he’s exempted from our wrath for the time being.)
LOLOLOLOLOLOL.
PAGING @Sen_JoeManchin … https://t.co/3ZqRzx3h06
— Pradheep J. Shanker (@Neoavatara) August 26, 2022
Can CNN’s Manu Raju track down Joe Manchin and get a comment on this new development?
Crazy irresponsible. https://t.co/Y7aFIlu10d
— Darin Thacker (@DarinThacker) August 26, 2022
One might even say impeachable. Not just with regard to the president, but also with regard to the members of Congress who absolutely know better but are happy to go along with the whole thing. Looking at you, Nancy Pelosi.
The federal government is poised to chuck us over the edge of the financial cliff and into the abyss. And we’re just supposed to give them the money to buy the trebuchets. Or, more accurately, we’re just supposed to sit there and let them rob us blind.
They’re the ones committing the crime; we’re the ones being punished. In what universe should we just accept that?
If a President can increase spending by $1 trillion without any Congressional approval… We've crossed the Rubicon.
— Pradheep J. Shanker (@Neoavatara) August 26, 2022
And you clowns applauding this… Just, FOR A SECOND, imagine how a second Trump White House would abuse this.
This is banana Republic stuff.
— Pradheep J. Shanker (@Neoavatara) August 26, 2022
It’s definitely not American.
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